In a move that has been likened to that of Ant Financial, the Southeast Asian fintech group is busy raising the target amount and separating its business from its parent company, FinanceAsia has learnt.
A Grab-Gojek consolidation has always been the talk of the town, given overlapping business similarities, but never taken seriously – until now. There are two outcomes that seem the most likely, but an M&A is not one of them.
Extending the ‘growth at any cost’ model is over, as backers call for investments that deliver profits faster. Gojek’s reported cash injection into Indonesia’s Blue Bird Taxi has the potential to flip the script on the region’s biggest private companies.
The Lippo and Grab-backed startup, last valued at about $2.9 billion, is riding Indonesia’s cashless payments wave to bring merchants and financial institutions timely consumer insights. Ovo’s CEO Jason Thompson sees a fresh fundraising drive next year to support growth.